what i would do in your case is put about 5000 down, then leave the rest in that account to gain interest, pay 3 payments ahead,(out of that account), then just make the regular payments. (all out of that account). that way your money gains interest to kind of offset the interest you will be paying on the loan.
of course you should still deposit into that account, the same way you have been. ...in a perfect world... that would keep your payments up (or ahead), would share the interest burden with the bank..., and if it is strictly followed, then you should have a chunk of money in there left over when the car is paid off.
also the longer loan shows better on your credit for the future.
but since the world isnt perfect... lol and if yours is like mine. then you still have a good start, a good plan, and as long as you pay every month, you will have a 3 month safety net for emergency situations.
i say put 5 grand down. so you have 5 grand to for payments that gains interest. then go about the payments and such and maybe even have some money for mods :lol:
thats what im doing... im puttin 500$ away a month till about 2010 ( when i plan to purchase) then only put 5g's down and and let the rest gain interest and have back up incase something goes wrong (financially) and maybe some money for mods
Looks like your are well on your way to getting a new Camaro. You didn't say how much you were putting into the account, but keep saving. You have more than a year to go so you could grow that money to nearly $20k by then.
Have a lender already selected and that has approved you for a loan. You will know how much you can spend and the terms up front. The dealers always love to get you from behind when it comes to negotiating terms.
+1 on having a 3 to 6 month reserve account to pay for ALL your bills during a financial down turn.
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